Industrial stalwarts

General Dynamics

(GD) - Get Report


United Technologies



(HON) - Get Report

all posted earnings gains for the second quarter.

General Dynamics, the Falls Church, Va., defense contractor, said earnings rose to $263 million, or $1.29 a share, from $227 million, or $1.12 a share, in the same period last year. Sales rose to $3.51 billion from $2.96 billion. Analysts were forecasting an average of $1.27 a share.

The company said the result was paced by strong performance in its information systems and technology segment and its combat systems group. The company affirmed its previous guidance sand said it ended the first halfwith a funded backlog of $20.5 billion, and a total backlog of $25.5 billion.

Meanwhile United Technologies earned $624 million, or $1.23 a share, in the second quarter, compared with $588 million, or $1.16 a share, last year. The result was 3 cents better than estimates. Revenues were $7.32 billion, roughly even with last year's $7.33 billion.

Among its segments, second-quarter operating profit at Otis elevator rose 14% while Pratt & Whitney's operating profit fell 7%. United Technologies raised its full-year earnings forecast to $4.40 a share from $4.32 a share; analysts have been estimating $4.33 a share for full-year earnings.

Honeywell used cost cuts to boost its bottom line. The Morris Township, N.J., conglomerate said earnings from ongoing operations rose slightly to $454 million, or 55 cents a share. The results excludes a $98 million after-tax gain on the sale of a business and a $93 million charge related to severance costs, plant shutdowns and asset impairments. The result was in line with forecasts.

Net sales in the quarter dropped 7% to $5.65 billion, with aerospace sales falling 13%. Aerospace profits tumbled 28% to $364 million from $504 million in the year-ago period.